Here's a twist nobody saw coming: the bidding war for Warner Bros. Discovery (WBD) might hinge on whether a news show apologizes to the president.

Paramount Skydance (PSKY) threw down a $108 billion all-cash offer for Warner Bros. Discovery on Monday, outdoing Netflix Inc. (NFLX)'s earlier proposal. The Paramount bid is bigger, includes Warner's linear cable networks that Netflix didn't want, and comes with heavyweight financial backing from Saudi Arabia's Public Investment Fund, the Qatar Investment Authority, and Affinity Partners, the investment firm run by Jared Kushner, who happens to be Trump's son-in-law.

On paper, Paramount looked like the clear frontrunner. The Trump administration had been dropping hints for weeks that it favored the Ellison-backed bid. Then Sunday evening happened.

The Deal Everybody Saw Coming

Trump has made it abundantly clear he wants a say in who ends up owning Warner Bros. Discovery. Speaking to reporters Monday, he said he doesn't "know enough about" the specifics yet and needs to understand Netflix's market share position better.

"I want to do what is right," Trump told reporters.

He added that "none of them are particularly great friends of mine," though it wasn't entirely clear whether he meant executives from both companies or just Netflix leadership.

When asked if Kushner's involvement created a conflict of interest that might favor Paramount, Trump said he hasn't discussed the deal with his son-in-law. The White House did not provide additional comment when contacted about Trump's planned involvement in the approval process.

Over the weekend at the Kennedy Center Honors, Trump told Deadline that the combined "very big market share" between Netflix and Warner Bros. Discovery could be problematic. "I'll be involved in that decision," he said.

Trump praised Netflix CEO Ted Sarandos for doing a "legendary job" at the streaming company and mentioned that Sarandos visited the Oval Office last week, though they didn't discuss the merger.

Paramount Was the Favorite

Until recently, most observers assumed Paramount had this deal in the bag. The company is backed by David Ellison and Larry Ellison, both Trump allies. Administration officials weren't exactly subtle about their preference.

"Who owns Warner Bros. Discovery is very important to the administration," a senior Trump administration official previously told the New York Post. "The Warner board needs to think very seriously not just on the price competition but which player in the suitor pool has been successful getting a deal done."

Translation: Pick Paramount. The official made it even clearer: "And that points to the Ellisons."

The same official suggested Warner Bros. should "think really hard about the odds of success" getting regulatory approval from anyone except Paramount Skydance. After all, the Trump administration already approved the Paramount-Skydance merger itself.

Speaking about the new bid Monday, David Ellison emphasized that his company has a "friendly" relationship with the Trump administration, positioning Paramount as the path of least regulatory resistance.

Then Came Sunday's '60 Minutes'

Warner Bros. Discovery shareholders might have been ready to accept Paramount's offer as the safer regulatory bet. But then "60 Minutes" aired an interview with Rep. Marjorie Taylor Greene (R-Ga.) on Sunday evening, and Trump was not pleased.

The president took to social media demanding an apology, directing his criticism at both Greene and "60 Minutes" journalist Lesley Stahl.

"Lesley Stahl, who still owes me an apology from when she attacked me on the show (with serious conviction!), that Hunter Biden's LAPTOP FROM HELL was produced by Russia, not Hunter himself (TOTALLY PROVEN WRONG!), interviewed a very poorly prepared Traitor, who in her confusion made many really stupid statements," Trump wrote.

Trump questioned how the current ownership of "60 Minutes" would allow "a show like this to air," adding that "They are no better than the old ownership, who just paid me millions of dollars for fake reporting about your favorite president."

He suggested the show may have gotten worse under new ownership and issued a formal demand: "I hereby demand a complete and total apology, though far too late to be meaningful, from Lesley Stahl and 60 Minutes for her incorrect and Libelous statements about Hunter's laptop."

Here's the problem for Paramount: "60 Minutes" airs on CBS, which is owned by Paramount. If Paramount acquires Warner Bros. Discovery, they'll still own "60 Minutes." Trump's anger at the program could potentially complicate what looked like a smooth path to regulatory approval.

History Repeating Itself

This isn't the first time "60 Minutes" has created headaches for a Paramount deal. The Paramount-Skydance merger itself took over a year to close, delayed partly by a lawsuit between Paramount and Trump over a different "60 Minutes" episode featuring presidential candidate Kamala Harris during the 2024 campaign.

Paramount eventually settled that dispute for $16 million on July 2, 2025. The Trump-led FCC approved the Paramount-Skydance merger later that month, potentially after the settlement was finalized.

Now Ellison and Paramount face a new challenge: fend off Netflix's competing bid while potentially needing to secure another apology from "60 Minutes" to get back in Trump's good graces. It's a strange position for the company that was considered the prohibitive favorite just days ago.

How the Stocks Reacted Monday

Warner Bros. Discovery shares climbed 4.41% to $27.23, reflecting investor optimism about a bidding war driving up the eventual sale price.

Paramount Skydance stock jumped 9.01% to $14.57 on news of its aggressive all-cash offer.

Netflix shares fell 3.44% to $96.79, suggesting the market views Paramount's bid as more competitive and potentially more likely to succeed.

The question now is whether regulatory approval depends more on financial backing and industry connections, or on keeping a news program in the president's good graces. For Paramount, the answer might determine whether $108 billion is enough.